PCCP, LLC has provided a $53 million bridge loan to P.B. Bell for the refinance of Hangar at Thunderbird, a newly built 266-unit, 19-building apartment community located at 15301 N 37th Avenue in Glendale, Ariz., a suburb of Phoenix. The project just completed its final stage of construction and initial phase of lease-up, after its first units and community amenities delivered in December 2022.
The property features one-, two-, and three-bedroom floorplans across 19 two- and three-story buildings with an average unit size of 884 square feet. The units include 9’ ceilings, wood-style plank flooring, stainless-steel appliances, walk-in closets, and a private patio or balcony. Upscale community amenities include a resort-style pool/spa, outdoor dining area with grilling stations, tenant clubhouse, fitness center, dog park and pet spa, business center with private workspaces, 24-hour on-call maintenance, complimentary common area Wi-Fi, valet trash service, EV charging stations, and several for-rent detached garages. The property was also designed with ample private workspaces to cater to workers who have a hybrid or fully remote work schedule.
The West Valley region provides a large labor pool, affordable cost of living, and a business-friendly environment. The availability of land has attracted healthcare, aerospace/defense, distribution, and advanced manufacturing companies to the region, with major employers including Luke Air Force Base and Banner Health System. Other employers include Honeywell International, Tri West Healthcare Alliance, and Cigna Health Care.
Hangar at Thunderbird’s location provides accessibility via Loop 101 and Interstate 17, offering an approximately 25-minute commute into downtown Phoenix. Loop 101 provides direct access to the Westgate Entertainment District, home to the NFL’s Arizona Cardinals, as well as to other employment hubs throughout the Valley such as the Southwest Valley industrial and Loop 303 corridors, home companies such as Amazon, FedEx, Swift Transportation, PepsiCo, and Ball Corp.
